IAAA.L vs. EGOV.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and EGOV.L (UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from iShares and UBS respectively. Both are passively managed. Over the past 5 years, IAAA.L returned -3.01%/yr vs -3.10%/yr for EGOV.L. At a 0.45 correlation, their price movements are largely independent. IAAA.L charges 0.20%/yr vs 0.15%/yr for EGOV.L.
Performance
IAAA.L vs. EGOV.L - Performance Comparison
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Different Trading Currencies
IAAA.L is traded in USD, while EGOV.L is traded in GBp. To make them comparable, the EGOV.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IAAA.L achieves a 0.13% return, which is significantly higher than EGOV.L's -1.35% return.
IAAA.L
- 1D
- 0.19%
- 1M
- 0.02%
- YTD
- 0.13%
- 6M
- 1.27%
- 1Y
- 2.00%
- 3Y*
- 3.96%
- 5Y*
- -3.01%
- 10Y*
- -0.36%
EGOV.L
- 1D
- 0.17%
- 1M
- -0.22%
- YTD
- -1.35%
- 6M
- -0.77%
- 1Y
- -0.50%
- 3Y*
- 1.74%
- 5Y*
- -3.10%
- 10Y*
- —
IAAA.L vs. EGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IAAA.L iShares Global AAA-AA Government Bond UCITS | 0.13% | 10.70% | -5.21% | 8.69% | -21.12% | -8.15% | 12.09% | -0.32% |
EGOV.L UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc | -1.35% | 7.77% | -4.17% | 3.96% | -17.03% | -6.60% | 8.78% | 0.96% |
Correlation
The correlation between IAAA.L and EGOV.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019 | 0.45 |
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Return for Risk
IAAA.L vs. EGOV.L — Risk / Return Rank
IAAA.L
EGOV.L
IAAA.L vs. EGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS (IAAA.L) and UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc (EGOV.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| IAAA.L | EGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.99 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | -0.11 | +0.87 |
| Martin ratioReturn relative to average drawdown | 1.90 | -0.25 | +2.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAAA.L | EGOV.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | -0.08 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | -0.33 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | -0.16 | +0.09 |
Drawdowns
IAAA.L vs. EGOV.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, roughly equal to the maximum EGOV.L drawdown of -31.67%. Use the drawdown chart below to compare losses from any high point for IAAA.L and EGOV.L.
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Drawdown Indicators
| IAAA.L | EGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -31.67% | -1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -4.70% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | -8.86% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -29.36% | -1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | — | — |
Current DrawdownCurrent decline from peak | -17.30% | -18.31% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -14.66% | +4.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.02% | -0.04% |
Volatility
IAAA.L vs. EGOV.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS (IAAA.L) has a higher volatility of 2.59% compared to UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc (EGOV.L) at 2.15%. This indicates that IAAA.L's price experiences larger fluctuations and is considered to be riskier than EGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAAA.L | EGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 2.15% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 4.90% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 6.54% | +2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 9.25% | +2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 9.54% | -0.18% |
IAAA.L vs. EGOV.L - Expense Ratio Comparison
IAAA.L has a 0.20% expense ratio, which is higher than EGOV.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IAAA.L vs. EGOV.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, while EGOV.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EGOV.L UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 2.69% | 2.46% | 2.37% | 1.52% | 0.76% | 0.49% | 0.56% | 0.88% | 0.94% | 0.77% | 0.89% | 1.08% |
Frequently Asked Questions
IAAA.L and EGOV.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EGOV.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EGOV.L is cheaper with a 0.15% expense ratio, compared with 0.20% for IAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.20% for IAAA.L and 0.15% for EGOV.L.
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